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PUBLIC SERVICE CO. OF NEW MEXICO ANNOUNCES 1991 EARNINGS

 PUBLIC SERVICE CO. OF NEW MEXICO ANNOUNCES 1991 EARNINGS
 ALBUQUERQUE, N.M., Feb. 3 /PRNewswire/ -- Public Service Co. of New Mexico (PNM) (NYSE: PNM) today reported net income for the fourth quarter 1991 of $3.9 million, versus a net loss of $2.2 million for fourth quarter 1990. Net earnings available for common in the fourth quarter of 1991 were $1.6 million or 4 cents per share versus a loss of $4.6 million or 11 cents per share for the fourth quarter 1990. For the full year 1991, net income was $24.5 million, an improvement from $0.4 million in 1990. Net earnings available for common for 1991 were $15.0 million or 36 cents per share versus a loss in 1990 of $9.6 million or 23 cents per share.
 Reflecting the effects of the recession, total 1991 operating revenues were $24.0 million less than 1990 revenues of $881.2 million, a decrease offset by $42.7 million in lower fuel, purchased power, and gas costs. Electric operating revenues were flat from 1990 to 1991. Gas revenues decreased $25.0 million to $277.1 million in 1991 from $302.1 million in 1990, but were offset by lower gas costs and the full effect of a gas rate increase, resulting in an increase to gas gross margin (revenues less gas cost) of $13.8 million or 10.5 percent.
 Due to the effects of a regional recession and soft wholesale markets, total kilowatt hour sales decreased 3.7 percent from 1990. Although sales in the bulk power market continued to be weak, dropping 11.6 percent, retail kilowatt hour sales increased 1.8 percent from last year, reflecting moderate customer growth. Total gas throughput increased 11.4 percent from 1990 to 1991, but lower gas prices caused a reduction in revenues.
 Other income, net of taxes, for the year 1991 was a loss of $6.4 million after an additional provision in the fourth quarter of $2.5 million (after tax)
for gas contract settlement costs. This compares to a loss of $24.6 million in 1990, which included a $19.4 million net-of-tax write-off due to the New Mexico Public Service Commission's April 1990 decision on the Company's electric rate case.
 Other operating and maintenance expense increased by only 1.0 percent from 1990, evidencing the Company's continuing commitment to cost control. Net interest expense decreased $1.7 million or 2.5 percent from 1990 as a result of lower short term interest rates and cash flow improvement.
 PUBLIC SERVICE CO. OF NEW MEXICO
 Consolidated Statement of Earnings (Loss)
 (Unaudited)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 (In thousands except per share amounts)
 Operating revenues:
 Electric 143,153 139,350 568,486 567,382
 Gas 69,300 76,841 277,069 302,104
 Water 2,828 2,656 11,613 11,700
 Total operating revenues 215,281 218,847 857,168 881,186
 Operating expenses:
 Fuel, purchased power
 and gas cost 75,038 85,675 296,190 338,854
 Operation and
 maintenance expenses 87,554 89,665 335,666 332,236
 Depreciation and
 Amortization 18,929 17,193 76,053 73,204
 Taxes, other than
 income taxes 8,731 7,786 39,214 36,961
 Income taxes, net 2,997 (194) 13,417 7,490
 Total operating
 expenses 193,249 200,125 760,540 788,745
 Other income and
 deductions, net of
 taxes (875) (3,639) (6,405) (24,584)
 Operating Income
 before Interest 21,157 15,083 90,223 67,857
 Interest charges: 17,226 17,253 65,732 67,415
 Net earnings (loss) 3,931 (2,170) 24,491 442
 Preferred stock
 dividend requirements 2,301 2,405 9,474 10,002
 Net earnings (loss)
 applicable to common 1,630 (4,575) 15,017 (9,560)
 Average shares
 outstanding 41,774 41,774 41,774 41,774
 Earnings (loss) per
 share of common stock 0.04 (0.11) 0.36 (0.23)
 Comparative Electric Operating Statistics
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 Pct. 1991 1990 Pct.
 Change Change
 Sales--GWH Hour:
 Residential 410 397 3.27 1,607 1,576 1.99
 Commercial 559 554 0.81 2,299 2,270 1.27
 Industrial 261 246 6.34 1,025 1,000 2.56
 Other Retail 48 40 20.59 208 203 2.62
 Sales for Resale 974 869 12.14 3,092 3,498 -11.61
 Total Sales 2,252 2,106 6.97 8,231 8,547 -3.68
 Operating
 Revenues
 (In thousands):
 Residential $39 $38 3.12 $155 $147 5.51
 Commercial 49 48 1.14 208 200 3.94
 Industrial 17 16 3.12 67 66 1.02
 Other Retail 3 3 17.42 14 14 2.98
 Sales for Resale 31 30 3.25 108 123 -12.08
 Other Operating
 Revenues 4 4 2.55 16 17 -6.82
 Total Operating
 Revenues $143 $139 2.73 $568 $567 0.19
 -0- 2/3/92
 /CONTACT: Michael Temple, 505-848-2210, Pam Lett, 505-848-4673, or Ernie C'deBaca, 505-848-2806 all of Public Service Co. of N.M./
 (PNM) CO: Public Service Co. of New Mexico ST: New Mexico IN: UTI SU: ERN


MC -- DV004 -- 6284 02/03/92 15:12 EST
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Date:Feb 3, 1992
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